Compliance
ETF sponsors, issuers, Authorised Participants (APs) and fund custodians need to comply with relevant regulations. For instance, in the US, they need to observe Rule 6c-11, the ETF rule. This includes daily publication of holdings for most ETFs, for which the PCF is the ideal tool.
(There are some exceptions: semi-transparent, leveraged, inverse, multi-class and master/feeder structures could be exempt from this particular requirement).
